UK Finance's Railpen Slashes Portfolio Emissions by 41% by 2024
UK Finance, under the name Railpen, has made significant strides in its commitment to reducing real-world emissions. By 2024, it has cut its portfolio emissions by a substantial 41%, surpassing its interim target. This achievement comes alongside a significant investment of nearly £1 billion in UK climate solutions.
Railpen's progress is notable, with at least 70% of its holdings currently aligned to net zero or under engagement. This represents a significant 23% of its total assets, which amount to £34 billion. The institution is not stopping there, aiming to achieve 100% alignment in material sectors by 2040.
Adam Gillett, head of sustainable investment at Railpen, has highlighted the increasing systemic climate risk. This has likely driven the institution's focus on climate solutions. Railpen's investment in UK infrastructure, including a 50% stake in AGR Power, is a testament to its commitment to tangible climate action.
Railpen's 41% reduction in portfolio emissions by 2024 is a significant milestone in its journey towards net-zero. With a substantial investment in UK climate solutions and a clear roadmap for full alignment by 2040, the institution is demonstrating a strong commitment to combating climate change.
